Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 22, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001494582 | ||
Entity Registrant Name | BOSTON OMAHA Corp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38113 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-0788438 | ||
Entity Address, Address Line One | 1601 Dodge Street, Suite 3300 | ||
Entity Address, City or Town | Omaha | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 68102 | ||
City Area Code | 857 | ||
Local Phone Number | 256-0079 | ||
Title of 12(b) Security | Class A common stock, $0.001 par value per share | ||
Trading Symbol | BOC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Entity Public Float | $ 440,664,052 | ||
Auditor Name | EISNERAMPER LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 185 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,055,560 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 30,299,408 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 21,946,884 | $ 25,493,141 |
Cash held by BOAM funds and other | 3,364,789 | 8,146,792 |
Accounts receivable, net | 12,141,244 | 5,831,366 |
Interest receivable | 185,482 | 196,066 |
Short-term investments | 24,753,469 | 6,288,828 |
Marketable equity securities | 2,210,037 | 8,768,938 |
U. S. Treasury securities | 47,112,659 | 33,520,401 |
Funds held as collateral assets | 14,101,531 | 21,026,579 |
Prepaid expenses | 5,571,454 | 4,689,132 |
Total Current Assets | 131,387,549 | 113,961,243 |
Property and Equipment, net | 144,266,763 | 115,589,940 |
Other Assets: | ||
Goodwill | 182,380,136 | 179,463,522 |
Intangible assets, net | 65,532,301 | 68,342,042 |
Investments | 87,104,272 | 26,136,636 |
Investments in unconsolidated affiliates | 94,244,788 | 118,218,389 |
Deferred policy acquisition costs | 1,772,455 | 1,255,320 |
Right of use assets | 61,399,460 | 64,719,405 |
Other | 119,368 | 116,402 |
Total Other Assets | 492,552,780 | 458,251,716 |
Total Assets | 768,207,092 | 687,802,899 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 18,438,647 | 10,963,784 |
Short-term payables for business acquisitions | 618,003 | 4,219,358 |
Lease liabilities | 5,085,221 | 5,203,981 |
Funds held as collateral | 14,101,531 | 21,026,579 |
Unearned premiums | 9,699,544 | 7,158,726 |
Current maturities of long-term debt | 814,667 | 1,545,090 |
Deferred revenue | 2,628,139 | 2,531,222 |
Other current liabilities | 0 | 330,000 |
Total Current Liabilities | 51,385,752 | 52,978,740 |
Long-term Liabilities: | ||
Asset retirement obligations | 3,794,985 | 3,569,580 |
Lease liabilities | 56,438,308 | 59,281,733 |
Long-term debt, less current maturities | 26,523,099 | 26,954,180 |
Other long-term liabilities | 1,500,875 | 335,828 |
Deferred tax liability | 12,111,812 | 14,939,607 |
Total Liabilities | 151,754,831 | 158,059,668 |
Redeemable Noncontrolling Interests | 15,638,013 | 15,713,021 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 522,506,626 | 483,917,938 |
Retained earnings | 15,669,488 | 22,673,497 |
Total Boston Omaha Stockholders' Equity | 538,207,426 | 506,621,142 |
Noncontrolling interests | 62,606,822 | 7,409,068 |
Total Equity | 600,814,248 | 514,030,210 |
Total Liabilities, Redeemable Noncontrolling Interests, and Equity | 768,207,092 | 687,802,899 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common Stock | 30,256 | 28,651 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common Stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 38,838,884 | 38,838,884 |
Common stock, shares issued (in shares) | 30,255,739 | 28,650,688 |
Common stock, shares outstanding (in shares) | 30,255,739 | 28,650,688 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,161,116 | 1,161,116 |
Common stock, shares issued (in shares) | 1,055,560 | 1,055,560 |
Common stock, shares outstanding (in shares) | 1,055,560 | 1,055,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Premiums earned | $ 13,932,659 | $ 10,649,089 |
Insurance commissions | 1,884,007 | 2,050,838 |
Investment and other income | 2,156,199 | 662,270 |
Total Revenues | 96,253,736 | 81,234,194 |
Costs and Expenses: | ||
Cost of insurance revenues (exclusive of depreciation and amortization) | 6,808,167 | 4,755,583 |
Employee costs | 32,561,929 | 26,343,272 |
Professional fees | 4,665,515 | 5,300,275 |
General and administrative | 16,112,243 | 12,861,992 |
Amortization | 7,409,939 | 6,474,791 |
Depreciation | 12,155,096 | 8,649,066 |
Loss (gain) on disposition of assets | 84,414 | (61,377) |
Accretion | 216,501 | 206,359 |
Total Costs and Expenses | 105,106,139 | 86,464,089 |
Net Loss from Operations | (8,852,403) | (5,229,895) |
Other Income (Expense): | ||
Interest and dividend income | 2,609,148 | 434,941 |
Equity in income (loss) of unconsolidated affiliates | (7,888,765) | 2,697,420 |
Other investment income (loss) | 6,132,791 | (15,635,690) |
Gain recognized on deconsolidation of special purpose acquisition company | 0 | 24,977,740 |
Remeasurement of warrant liability | 0 | 1,837,211 |
Interest expense | (1,147,234) | (1,207,544) |
Net (Loss) Income Before Income Taxes | (9,146,463) | 7,874,183 |
Income tax benefit | 2,978,738 | 2,504,933 |
Net (Loss) Income | (6,167,725) | 10,379,116 |
Noncontrolling interest in subsidiary income | (836,284) | (145,716) |
Net (Loss) Income Attributable to Common Stockholders | $ (7,004,009) | $ 10,233,400 |
Basic Net (Loss) Income per Share (in dollars per share) | $ (0.23) | $ 0.34 |
Diluted Net (Loss) Income per Share (in dollars per share) | $ (0.23) | $ 0.34 |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 31,092,850 | 29,698,732 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 31,092,850 | 29,766,247 |
Billboard Rentals [Member] | ||
Revenues: | ||
Revenues | $ 42,940,369 | $ 39,244,726 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 15,136,817 | 14,395,627 |
Broadband Services [Member] | ||
Revenues: | ||
Revenues | 35,340,502 | 28,627,271 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | $ 9,955,518 | $ 7,538,501 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Broadband Subsidiary [Member] Common Stock [Member] Common Class A [Member] | Broadband Subsidiary [Member] Common Stock [Member] Common Class B [Member] | Broadband Subsidiary [Member] Additional Paid-in Capital [Member] | Broadband Subsidiary [Member] Noncontrolling Interest [Member] | Broadband Subsidiary [Member] Retained Earnings [Member] | Broadband Subsidiary [Member] | Build for Rent Subsidiary [Member] Common Stock [Member] Common Class A [Member] | Build for Rent Subsidiary [Member] Common Stock [Member] Common Class B [Member] | Build for Rent Subsidiary [Member] Additional Paid-in Capital [Member] | Build for Rent Subsidiary [Member] Noncontrolling Interest [Member] | Build for Rent Subsidiary [Member] Retained Earnings [Member] | Build for Rent Subsidiary [Member] | The 24th Street Asset Management, LLC [Member] Common Stock [Member] Common Class A [Member] | The 24th Street Asset Management, LLC [Member] Common Stock [Member] Common Class B [Member] | The 24th Street Asset Management, LLC [Member] Additional Paid-in Capital [Member] | The 24th Street Asset Management, LLC [Member] Noncontrolling Interest [Member] | The 24th Street Asset Management, LLC [Member] Retained Earnings [Member] | The 24th Street Asset Management, LLC [Member] | General Indemnity [Member[ Common Stock [Member] Common Class A [Member] | General Indemnity [Member[ Common Stock [Member] Common Class B [Member] | General Indemnity [Member[ Additional Paid-in Capital [Member] | General Indemnity [Member[ Noncontrolling Interest [Member] | General Indemnity [Member[ Retained Earnings [Member] | General Indemnity [Member[ | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 28,642,801 | 1,055,560 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 28,643 | $ 1,056 | $ 483,855,423 | $ 0 | $ 12,440,097 | $ 496,325,219 | ||||||||||||||||||||||||
Stock issued for cash (in shares) | 7,887 | 0 | ||||||||||||||||||||||||||||
Stock issued for cash | $ 8 | $ 0 | 205,381 | 0 | 0 | 205,389 | ||||||||||||||||||||||||
Offering costs | 0 | 0 | (242,866) | 0 | (242,866) | |||||||||||||||||||||||||
Contribution from noncontrolling interest | $ 0 | $ 0 | $ 100,000 | $ 0 | $ 100,000 | |||||||||||||||||||||||||
Contribution from noncontrolling interests | $ 0 | $ 0 | $ 0 | $ 7,700,000 | $ 0 | $ 7,700,000 | ||||||||||||||||||||||||
Net income attributable to minority interests | 0 | 0 | 0 | (290,932) | 0 | (290,932) | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | 0 | 10,233,400 | 10,233,400 | ||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 28,650,688 | 1,055,560 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 28,651 | $ 1,056 | 483,917,938 | 7,409,068 | 22,673,497 | 514,030,210 | ||||||||||||||||||||||||
Stock issued for cash (in shares) | 1,532,065 | 0 | ||||||||||||||||||||||||||||
Stock issued for cash | $ 1,532 | $ 0 | 37,525,131 | 0 | 0 | 37,526,663 | ||||||||||||||||||||||||
Offering costs | 0 | 0 | (1,280,060) | (1,280,060) | ||||||||||||||||||||||||||
Contribution from noncontrolling interest | $ 0 | $ 0 | $ 700,000 | $ 0 | $ 700,000 | |||||||||||||||||||||||||
Contribution from noncontrolling interests | 0 | 0 | 0 | 4,800,000 | 0 | 4,800,000 | $ 0 | $ 0 | $ 0 | $ 50,206,255 | $ 0 | $ 50,206,255 | $ 0 | $ 0 | $ 0 | $ 50,175 | $ 0 | $ 50,175 | ||||||||||||
Net income attributable to minority interests | 0 | 0 | 0 | 911,292 | 0 | 911,292 | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | 0 | (7,004,009) | (7,004,009) | ||||||||||||||||||||||||
Stock issued as compensation (in shares) | 27,342 | 0 | ||||||||||||||||||||||||||||
Stock issued as compensation | $ 27 | 640,343 | 0 | 0 | 640,370 | |||||||||||||||||||||||||
Stock issued for purchase of 24th Street Asset Management (in shares) | 45,644 | 0 | ||||||||||||||||||||||||||||
Stock issued for purchase of 24th Street Asset Management | $ 46 | 1,003,274 | 0 | 0 | 1,003,320 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | $ 0 | $ 0 | $ 0 | $ (81,638) | $ 0 | $ (81,638) | $ 0 | $ 0 | $ 0 | $ (688,330) | $ 0 | $ (688,330) | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 30,255,739 | 1,055,560 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 30,256 | $ 1,056 | $ 522,506,626 | $ 62,606,822 | $ 15,669,488 | $ 600,814,248 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Income | $ (6,167,725) | $ 10,379,116 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | ||
Amortization of right of use assets | 5,488,927 | 5,313,827 |
Depreciation, amortization, and accretion | 19,781,536 | 15,330,216 |
Income taxes | (3,077,908) | (2,820,618) |
Loss (gain) on disposition of assets | 84,414 | (61,377) |
Bad debt expense | 252,957 | 163,584 |
Gain on deconsolidation - special purpose acquisition company | 0 | (24,977,740) |
Decrease in contingent consideration | 0 | (900,000) |
Equity in loss (income) of unconsolidated affiliates | 7,888,765 | (2,697,420) |
Other investment (income) loss | (6,132,791) | 15,635,690 |
Remeasurement of warrant liability | 0 | (1,837,211) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,562,835) | (1,419,784) |
Interest receivable | 10,584 | (163,831) |
Prepaid expenses | (880,197) | (2,701,111) |
Distributions from unconsolidated affiliates | 271,355 | 642,511 |
Deferred policy acquisition costs | (517,135) | (442,422) |
Other assets | (2,966) | 39,951 |
Accounts payable, accrued expenses and other current liabilities | 7,635,508 | (12,278,575) |
Lease liabilities | (5,291,469) | (4,939,954) |
Compensation paid in stock | 640,370 | 0 |
Unearned premiums | 2,540,818 | 2,246,188 |
Deferred revenue | 96,917 | 323,795 |
Net Cash Provided by (Used in) Operating Activities | 16,059,125 | (5,165,165) |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (4,038,855) | (1,320,791) |
Business acquisitions, net of cash acquired | (10,916,955) | (51,242,862) |
Proceeds from sale of investments - special purpose acquisition company | 0 | 130,190,277 |
Investment in unconsolidated affiliates | (3,019,500) | (45,094,500) |
Capital expenditures | (51,866,340) | (40,057,314) |
Payment of contingent consideration | (248,272) | 0 |
Proceeds from sales of investments | 304,480,216 | 210,926,347 |
Purchase of investments | (298,642,985) | (115,538,250) |
Net Cash (Used in) Provided by Investing Activities | (64,252,691) | 87,862,907 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 37,526,663 | 205,389 |
Payment of deferred underwriting fee - special purpose acquisition company | 0 | (4,759,615) |
Redemption of noncontrolling interest - special purpose acquisition company | 0 | (123,068,515) |
Contributions from noncontrolling interests | 5,550,175 | 7,800,000 |
Distributions to noncontrolling interests | (769,968) | 0 |
Principal payments of long-term debt | (1,161,504) | (1,500,730) |
Collateral (release) receipt | (6,925,048) | 11,840,707 |
Offering costs | (1,280,060) | (242,866) |
Net Cash Provided by (Used in) Financing Activities | 32,940,258 | (109,725,630) |
Net Decrease in Cash, Cash Equivalents, and Restricted Cash | (15,253,308) | (27,027,888) |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Year | 54,666,512 | 81,694,400 |
Cash, Cash Equivalents, and Restricted Cash, End of Year | 39,413,204 | 54,666,512 |
Interest Paid in Cash | 1,130,539 | 1,172,007 |
Income Taxes Paid in Cash | 99,649 | 0 |
Payable as consideration for business acquisitions | 1,691,602 | 3,758,880 |
Contributions from noncontrolling interests, 24th Street Asset Management | 50,206,255 | 0 |
Increase in redeemable noncontrolling interest of broadband subsidiary | 0 | 9,714,630 |
Stock issued as consideration for business acquisition | $ 1,003,320 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. . During the fiscal year ended December 31, 2023, no 16 10b5 1 10b5 1 9C. Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BACKGROUND Boston Omaha was organized on August 11, 2009 February 2015. We completed an acquisition of an outdoor advertising business and entered the outdoor advertising industry on June 19, 2015. 2015 2023, twenty On April 20, 2016, December 7, 2016, 2017 2022, four On March 10, 2020, December 29, 2020, second April 1, 2022, third On September 25, 2020, 1 October 26, 2020 January 25, 2022 8 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not We consolidate any VIE of which we are the primary beneficiary. Such VIEs consist of 24th 24th 24th Total assets of the consolidated VIEs included within our consolidated balance sheets were approximately $96,500,000 and $21,900,000 as of December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, may Our consolidated subsidiaries include: Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” Link Billboards Oklahoma, LLC which we refer to as “LBO” General Indemnity Group, LLC which we refer to as “GIG” American Contracting Services, Inc. which we refer to as “ACS” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” Fund One Boston Omaha Build for Rent LP which we refer to as “BFR” BOAM BFR, LLC which we refer to as “BOAM BFR” BOC Business Services, LLC which we refer to as “BBS” Yellowstone Acquisition Company which we refer to as “Yellowstone” BOC Yellowstone, LLC which we refer to as “BOC Yellowstone” BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II” 24th “24th 24th “24th 24th “24th Boston Omaha Broadband, LLC which we refer to as “BOB” FIF AireBeam, LLC which we refer to as “AireBeam” Fiber Fast Homes, LLC which we refer to as “FFH” FIF Utah, LLC which we refer to as “FIF Utah” FIF St George, LLC which we refer to as “FIF St George” Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three Cash Held by BOAM Funds and Other Cash held by BOAM Funds and other represents cash and cash equivalents held by consolidated BOAM Funds and other consolidated entities. Such amounts are not Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. Insurance Accounts receivable consists of premiums, anticipated salvage, and reinsurance receivables. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. Credit Losses We estimate credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 four third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization, and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2023 2022; not During 2023 2022 Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between five fifty Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. Investments, Short-term and Long-term Investments include U.S Treasury securities, marketable equity securities, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the securities to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Dividend and interest income are recognized when earned. Realized investment gains and losses are included in earnings. Equity Investment s Our equity investments consist of investment in three not no no 2016 01 Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, 3% 5% We monitor our equity method investments for factors indicating other-than-temporary impairment. We consider several factors when evaluating our investments, including, but not Retention of Specialized Accounting Each of the 24th not Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization, and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and broadband internet services and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers, 840, Leases. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services – Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. one not one one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Surety Bond Sales Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $3,302,753 and $1,230,505 for the years ended December 31, 2023 2022 Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU," assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 Redeemable Noncontrolling Interest Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. Redeemable Noncontrolling Interests recorded within our consolidated balance sheets relates to our Broadband subsidiaries (see Note 6 Losses and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. We involve an independent, third may Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2023 2022 Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2023 2022 Income Taxes We account for income taxes in accordance with ASC Topic 740 Our policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2023 2022 no December 31, 2023 2022 no Revision of Previously Issued Financial Statements In light of our acquisition of 100% of the membership interests in 24th 6 24th 323, December 31, 2022, 24th As a result, we recorded increases to our investments in unconsolidated affiliates, deferred tax liability, and retained earnings of $4,085,040, $991,188, and $3,093,852, respectively. The effect on total assets, total liabilities, and total stockholders equity as of December 31, 2022 December 31, 2022 not Recent Accounting Pronouncements In November 2023, January 1, 2024 January 1, 2025. In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. December 31, 2023 2022 Cash and cash equivalents $ 21,946,884 $ 25,493,141 Funds held as collateral 14,101,531 21,026,579 Cash held by BOAM funds and other 3,364,789 8,146,792 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 39,413,204 $ 54,666,512 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: December 31, 2023 2022 Trade accounts $ 6,117,359 $ 4,798,827 Premiums 2,911,119 1,143,918 Recoverables from reinsurers 3,283,071 - Allowance for doubtful accounts (170,305 ) (111,379 ) Total Accounts Receivable, net $ 12,141,244 $ 5,831,366 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: December 31, 2023 2022 Structures and displays $ 65,736,121 $ 63,585,845 Fiber, towers, and broadband equipment 97,974,753 50,216,957 Land 583,892 14,318,292 Vehicles and equipment 10,699,920 6,778,473 Office furniture and equipment 5,384,720 4,884,941 Accumulated depreciation (36,112,643 ) (24,194,568 ) Total Property and Equipment, net $ 144,266,763 $ 115,589,940 Depreciation expense for the years ended December 31, 2023 2022 2023, |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2023 During the year ended December 31, 2023 two . These acquisitions were accounted for as business combinations under the provisions of ASC 805. 24th On May 1, 2023, 24th 24th 24th 24th Broadband Acquisition On June 16, 2023, fifteen On October 24, 2023, fifteen 2022 During the year ended December 31, 2022, e completed the acquisition of a broadband service provider and its related assets as well as an outdoor . These acquisitions were accounted for as business combinations under the provisions of ASC 805. InfoWest & Go Fiber On April 1, 2022, 20,000 Under the terms of the Agreement, FIF St George assumed only certain liabilities of InfoWest and Go Fiber. The total purchase price of $48,573,149 was paid 80% in cash, and the remaining 20% of the purchase price was paid by issuing to InfoWest and Go Fiber 20% not three not 20% The following is a summary of the allocation of the purchase price, which includes the final fair value allocation of the assets acquired and liabilities assumed: InfoWest & Go Fiber Assets Acquired Property, plant and equipment $ 5,983,410 Trade names and trademarks 7,300,000 Customer relationships 16,900,000 Goodwill 18,071,004 Right of use assets 3,155,434 Other 358,614 Total Assets Acquired 51,768,462 Liabilities Assumed Lease liabilities 3,149,194 Other 46,119 Total Liabilities Assumed 3,195,313 Total $ 48,573,149 The intangible assets include customer relationships and trade names and trademarks which have useful lives of ten twenty Elevation On November 21, 2022, 2002 265 8 The following is a summary of the allocation of the purchase price, which includes the final fair value allocation of the assets acquired and liabilities assumed: Elevation Assets Acquired Property, plant and equipment $ 3,717,734 Customer relationships 2,484,000 Goodwill 8,017,554 Right of use assets 2,098,194 Other 310,794 Total Assets Acquired 16,628,276 Liabilities Assumed Accounts payable and other 290,825 Lease liabilities 2,098,194 Total Liabilities Assumed 2,389,019 Total $ 14,239,257 The intangible assets include customer relationships and permits which have useful lives of fifteen ten Pro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2022. five forty five fifty For the Year Ended December 31, 2023 2022 Revenue $ 97,693,127 $ 89,587,574 Net Income Attributable to Common Stockholders $ (6,371,174 ) $ 18,833,218 Basic Net Income per Share $ (0.20 ) $ 0.63 Basic Weighted Average Class A and Class B Common Shares Outstanding 31,092,850 29,698,732 Diluted Net Income per Share $ (0.20 ) $ 0.63 Diluted Weighted Average Class A and Class B Common Shares Outstanding 31,092,850 29,766,247 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: December 31, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 72,028,493 $ (33,426,898 ) $ 38,601,595 $ 69,052,231 $ (28,141,423 ) $ 40,910,808 Permits, licenses, and lease acquisition costs 11,793,354 (5,562,205 ) 6,231,149 11,724,308 (4,479,482 ) 7,244,826 Site location 849,347 (363,332 ) 486,015 849,347 (306,708 ) 542,639 Noncompetition agreements 626,000 (624,600 ) 1,400 626,000 (578,500 ) 47,500 Technology 1,128,000 (509,250 ) 618,750 1,128,000 (410,250 ) 717,750 Trade names and trademarks 11,152,200 (1,680,459 ) 9,471,741 11,152,200 (1,089,892 ) 10,062,308 Nonsolicitation agreement 103,000 (40,500 ) 62,500 28,000 (28,000 ) - Capitalized contract costs 2,974,125 (387,990 ) 2,586,135 1,869,350 (151,034 ) 1,718,316 Indefinite lived intangibles 7,473,016 - 7,473,016 7,097,895 - 7,097,895 Total $ 108,127,535 $ (42,595,234 ) $ 65,532,301 $ 103,527,331 $ (35,185,289 ) $ 68,342,042 The future amortization associated with the intangible assets is as follows: December 31, 2024 2025 2026 2027 2028 Thereafter Total Customer relationships $ 5,428,084 $ 5,428,084 $ 5,428,084 $ 5,398,078 $ 4,719,107 $ 12,200,158 $ 38,601,595 Permits, licenses and lease acquisition costs 1,086,916 1,073,908 1,047,418 1,014,030 751,545 1,257,332 6,231,149 Site location 56,623 56,623 56,623 56,623 56,623 202,900 486,015 Noncompetition agreements 1,400 - - - - - 1,400 Technology 99,000 99,000 99,000 99,000 99,000 123,750 618,750 Trade names and trademarks 590,567 590,567 590,567 525,667 525,667 6,648,706 9,471,741 Nonsolicitation agreement 25,000 25,000 12,500 - - - 62,500 Capitalized contract costs 297,413 297,413 297,413 297,413 297,413 1,099,070 2,586,135 Total $ 7,585,003 $ 7,570,595 $ 7,531,605 $ 7,390,811 $ 6,449,355 $ 21,531,916 $ 58,059,285 Amortization expense for the years ended December 31, 2023 2022 Future Amortization The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 85 Permits, licenses, and lease acquisition costs 69 Site location 103 Noncompetition agreements 7 Technology 75 Trade names and trademarks 192 Nonsolicitation agreement 30 Capitalized contract costs 104 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 8. I NVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Short-term Investments Short-term investments consist of U.S. Treasury securities, and common stock warrants. The U.S. Treasury securities are held by UCS, classified as held to maturity, mature in less than twelve December 31, 2023 2022 U.S. Treasury notes held to maturity $ 19,195,228 $ 4,757,224 Common stock warrants of Sky Harbour Group Corporation 5,558,241 1,531,604 Total $ 24,753,469 $ 6,288,828 Marketable Equity Securities Our marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level 1 December 31, 2023 2022 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, December 31, 2023 $ 2,279,723 $ (69,686 ) $ 2,210,037 Marketable equity securities, December 31, 2022 $ 9,665,100 $ (896,162 ) $ 8,768,938 U.S. Treasury Trading Securities We classify our investments in debt securities that are bought and held principally for the purpose of selling them in the near term as trading securities. Our debt securities classified as trading are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Debt securities classified as trading as of December 31, 2023 2022 Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, December 31, 2023 $ 47,162,564 $ (49,905 ) $ 47,112,659 U.S. Treasury trading securities, December 31, 2022 $ 33,888,165 $ (367,764 ) $ 33,520,401 Long-term Investments Long-term investments consist of U.S. Treasury securities held to maturity, investments in special purpose entities, and equity investments in three 24th 24th On May 1, 2023, 24th 24th 24th As a result of the transaction, we began consolidating 24th 24th 24th 24th Each of the 24th 24th Equity Investments During May 2018, one In July 2023, one December 31, 2023 2022 U.S. Treasury securities held to maturity $ - $ 6,729,457 Investments in special purpose entities 64,697,093 - Preferred stock 348,694 348,694 Voting preferred stock of MyBundle TV Inc. 3,000,000 - Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 87,104,272 $ 26,136,636 We reviewed our investments as of December 31, 2023 2022 no Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in real estate, real estate services, and private aviation infrastructure. One of the investments in affiliates, Logic Real Estate Companies, LLC, which we refer to as “Logic,” is managed by an entity controlled by a member of our board of directors. Sky Harbour Group Corporation In October 2020, one one August November 2020, one three On August 1, 2021, September 14, 2021, On January 25, 2022, During the first 2022, On November 2, 2023, November 29, 2023, first November 2, 2023, November 2023, fourth 2023, All the shares of Sky Harbour Class A common stock and Sky Harbour Warrants to purchase Class A common stock that we hold have been registered under the Securities Act. However, our ability to resell any significant portion of these shares is limited by both the large number of shares and warrants we hold relative to the average trading volume of these securities as well as blackout periods which may one January 25, 2023 December 31, 2023 The following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our Consolidated Balance Sheets, together with combined summarized financial data related to the unconsolidated affiliates: December 31, 2023 2022 Beginning of year $ 118,218,389 $ 61,660,905 Additional investments in unconsolidated affiliates 19,500 45,094,500 Distributions received (271,355 ) (642,511 ) Reclassification of marketable securities to investment in affiliate - 23,483 Transfer of interest - (625,498 ) Gain on retained interest of deconsolidated affiliate - 10,010,090 Reclassification to consolidated subsidiaries (15,832,981 ) - Equity in income (loss) of unconsolidated affiliates (7,888,765 ) 2,697,420 End of year $ 94,244,788 $ 118,218,389 Combined summarized financial data for these affiliates is as follows: December 31, 2023 2022 Revenue $ 14,925,054 $ 24,672,878 Gross profit 11,232,952 12,148,774 Loss from continuing operations (17,414,314 ) (18,539,589 ) Net loss $ (22,349,383 ) $ (7,922,455 ) |
Note 9 - Fair Value
Note 9 - Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three Level 1 Level 2 not Level 3 no At December 31, 2023 2022 2 December 31, 2023 Warrants We previously determined that the Public Warrants issued in connection with Yellowstone’s initial public offering in October 2020 January 25, 2022, January 1, 2022 January 25, 2022 Following the business combination between Yellowstone Acquisition Company and SHG which occurred on January 25, 2022, no 2 January 1, 2023 December 31, 2023 January 25, 2022 December 31, 2022, Fund I, Fund II and BFR Special Purpose Entities We report fund investments on our Consolidated Balance Sheets at their estimated fair value, with gains (losses) resulting from changes in fair value reflected within ‘Other investment income’ in the accompanying Consolidated Statements of Operations. Each of the 24th 3 third December 31, 2023 24th Marketable Equity Securities On an investment life-to-date basis, we have realized net gains on the sale of equity securities within the marketable equity portfolio held at Boston Omaha of approximately $84,000,000. Sky Harbour Group Corporation Class A common stock We account for our 19.8% equity interest in Sky Harbour, comprised of 13,118,474 shares of Class A common stock, under the equity method. If our investment in Sky Harbour’s Class A common stock was accounted for at fair value based on its quoted market price as of December 31, 2023 Marketable Equity Securities and U.S. Treasury Trading Securities Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 Quoted Prices Realized Gains Total Changes Total Carrying in Active and (Losses) in Fair Values Amount in Markets for Included in Included in Consolidated Identical Current Period Current Period Balance Sheet Assets Earnings (Loss) Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities at December 31, 2023 $ 49,322,696 $ 49,322,696 $ 740,892 $ 4,411,489 Marketable equity securities and U.S. Treasury trading securities at December 31, 2022 $ 42,289,339 $ 42,289,339 $ (9,485,637 ) $ (6,150,053 ) |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. INCOME TAXES We are subject to taxation in all jurisdictions in which we operate that impose an income tax on our business activities. The components of the income tax expense for the years ended December 31, December 31, December 31, 2023 2022 Income tax (provision) benefit: Current federal income tax expense $ - $ - Current state income tax expense 166,223 256,971 Deferred federal income tax benefit (2,138,204 ) (1,004,743 ) Deferred state income tax benefit (1,006,757 ) (1,757,161 ) Total income tax benefit before valuation allowance (2,978,738 ) (2,504,933 ) Valuation allowance - - Total income tax benefit $ (2,978,738 ) $ (2,504,933 ) Deferred tax assets: Net operating loss carryforwards $ 18,672,782 $ 7,011,687 Tax credits 643,945 643,945 Lease liabilities 14,555,615 15,644,321 Premium adjustments and IBNR 580,373 906,208 Disallowed interest expense carryforwards 1,204 201,725 Other 70,452 54,714 Total Deferred Tax Assets 34,524,371 24,462,600 Valuation allowance (846,633 ) (832,123 ) Net deferred tax assets $ 33,677,738 $ 23,630,477 Deferred tax liabilities: Property and equipment $ (19,504,745 ) $ (14,785,116 ) Intangibles (8,269,752 ) (5,637,973 ) Right of use assets (14,684,988 ) (15,721,959 ) Investment in unconsolidated subsidiaries (2,570,253 ) (745,464 ) Unrealized gain on securities (759,812 ) (1,679,572 ) Total deferred tax liabilities (45,789,550 ) (38,570,084 ) Net deferred tax liabilities $ (12,111,812 ) $ (14,939,607 ) The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not not December 31, 2022, January 25, 2022, December 31, 2023, not not As of December 31, 2023 December 31, 2017 may 20 December 31, 2017. December 31, 2017 may 80% Pursuant to Section 382 1986, may ‘‘5% 50 three 382 not A reconciliation between the federal statutory income tax rate and our actual effective income tax rate is as follows: For the Year Ended December 31, 2023 2022 Federal income tax at statutory rate $ (1,941,583 ) $ 1,653,579 State tax income taxes, net of federal benefit (1,118,721 ) (279,305 ) Non-controlling interest (213,753 ) (38,802 ) Provision to return adjustments 129,405 275,920 Warrant income - (489,221 ) Gain on deconsolidation of Yellowstone - (3,979,091 ) Permanent differences 137,649 58,975 Valuation allowance 14,510 334,861 Other 13,755 (41,849 ) Total income tax benefit $ (2,978,738 ) $ (2,504,933 ) Uncertain Tax Positions We believe that there are no 12 As of December 31, 2023 not three four may |
Note 11 - Asset Retirement Obli
Note 11 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 11. ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising and broadband assets. The following table reflects information related to our asset retirement obligations: Balance, January 1, 2022 $ 3,162,725 Additions 200,496 Accretion expense 206,359 Liabilities settled - Balance, December 31, 2022 $ 3,569,580 Additions 8,904 Accretion expense 216,501 Liabilities settled - Balance, December 31, 2023 $ 3,794,985 |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 12. CAPITAL STOCK On April 25, 2022, 3 No. 333 264470 May 11, 2022, 2022 2018 2018 not 238 may, one may may one not not On December 8, 2022, not may 415 1933, Upon delivery of a placement notice (a “Placement Notice”) and upon the terms and subject to the conditions of the Sales Agreement, WFS will use reasonable efforts consistent with its normal trading and sales practices, applicable laws and the rules of the New York Stock Exchange (“NYSE”) to sell the shares of Class A common stock from time to time based upon our instructions for the sales, including price, time or size limits specified, and otherwise in accordance with, the terms of such Placement Notice. Pursuant to the Sales Agreement, WFS may 415 may not We intend to use the net proceeds from the ATM Program, after deducting WFS' commissions and our offering expenses, for general corporate purposes, which may may not no may From December 8, 2022 December 31, 2022, no may From January 1, 2023 December 31, 2023, no may At December 31, 2023 A summary of warrant activity for the years ended December 31, 2023 2022 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of January 1, 2022 105,556 $ 9.95 3.5 $ 1,982,342 Issued - Exercised - Expired - Outstanding as of December 31, 2022 105,556 $ 9.95 2.5 $ 1,746,952 Issued - Exercised - Expired - Outstanding as of December 31, 2023 105,556 $ 9.95 1.5 $ 610,114 |
Note 13 - Long-term Debt
Note 13 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 13. LONG-TERM DEBT On August 12, 2019, 1” 2” 1 2. not On December 6, 2021, 1 2 one On May 31, 2022, may January 31, 2022 June 30, 2022 On April 6, 2023, no not On September 22, 2023, As of December 31, 2023 25 July 1, 2020 1 October 1, 2020 2. December 6, 2028. The revolving line of credit loan facility has a $10,000,000 maximum availability. Interest payments are based on the 30 August 12, 2025. Long-term debt included within our consolidated balance sheets as of December 31, 2023 2022 December 31, 2023 2022 During the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter ended December 31, 2021 not 1.00, December 31, 2022 not 1.00, December 31, 2023 not 1.0, not 1.00 four December 31, 2023 The Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants, and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may The aggregate minimum principal payments required on long-term debt as of December 31, 2023 2024, 2025, 2026, 2027, 2028. |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 14 . LEASES We enter into operating lease contracts primarily for land and office space. Agreements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases include land lease contracts and contracts for the use of office space. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. Certain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Many of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do not The implicit rate within our lease agreements is generally not 842, Operating Lease Cost Operating lease cost for the years ended December 31, 2023 2022 Year Ended Year Ended Ended Ended December 31, 2023 December 31, 2022 Statement of Operations Classification Lease cost $ 8,615,322 $ 8,154,253 Cost of billboard revenues and general and administrative Variable and short-term lease cost 2,429,724 2,109,390 Cost of billboard revenues and general and administrative Total Lease Cost $ 11,045,046 $ 10,263,643 Supplemental cash flow information related to operating leases was as follows: Year Ended Year Ended Ended Ended December 31, 2023 December 31, 2022 Cash payments for operating leases $ 8,312,237 $ 7,780,379 New operating lease assets obtained in exchange for operating lease liabilities $ 1,843,316 $ 7,733,632 Operating Lease Assets and Liabilities December 31, 2023 December 31, 2022 Balance Sheet Classification Lease assets $ 61,399,460 $ 64,719,405 Other Assets: Right of use assets Current lease liabilities $ 5,085,221 $ 5,203,981 Current Liabilities: Lease liabilities Noncurrent lease liabilities 56,438,308 59,281,733 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 61,523,529 $ 64,485,714 Maturity of Operating Lease Liabilities December 31, 2023 2024 $ 7,915,094 2025 7,548,111 2026 7,099,441 2027 6,783,048 2028 6,432,418 Thereafter 56,244,069 Total lease payments 92,022,181 Less imputed interest (30,498,652 ) Present Value of Lease Liabilities $ 61,523,529 As of December 31, 2023 |
Note 15 - Industry Segments
Note 15 - Industry Segments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 . I NDUSTRY SEGMENTS This summary presents our current segments, as described below. General Indemnity Group, LLC GIG conducts our insurance operations through its subsidiaries, Warnock, SSS, SCS, ACS, and UCS. SSS clients are multi-state and UCS, SCS, ACS, and Warnock clients are nationwide. Revenue consists of surety bond sales and insurance commissions. GIG’s corporate resources are used to support Warnock, SSS, SCS, ACS, and UCS, and to make additional business acquisitions in the insurance industry. As of December 31, 2023, Link Media Holdings, LLC LMH conducts our billboard rental operations. LMH billboards are located in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia and Wisconsin. Boston Omaha Broadband, LLC BOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located mainly in Arizona, Florida, Nevada, and Utah. Boston Omaha Asset Management, LLC BOAM conducts our asset management operations. BOAM’s primary objective is to achieve long-term returns while seeking to limit the risk of capital and purchasing power loss in our investments in other companies and our real estate activities. We commenced reporting BOAM as a separate segment based on our acquisition of 24th May 1, 2023. Total Year Ended December 31, 2023 GIG LMH BOB BOAM Unallocated Consolidated Revenue $ 17,705,891 $ 42,940,369 $ 35,340,502 $ 266,974 $ - $ 96,253,736 Segment gross profit 10,897,724 27,803,552 25,384,984 266,974 - 64,353,234 Segment income (loss) from operations 1,518,244 6,609,419 (7,087,873 ) (2,382,041 ) (7,510,152 ) (8,852,403 ) Capital expenditures 176,499 3,535,306 56,743,382 5,016,494 6,536 65,478,217 Depreciation and amortization 312,634 9,008,648 10,133,332 - 110,421 19,565,035 Total Year Ended December 31, 2022 GIG LMH BOB BOAM Unallocated Consolidated Revenue $ 13,362,197 $ 39,244,726 $ 28,627,271 $ - $ - $ 81,234,194 Segment gross profit 8,606,614 24,849,099 21,088,770 - - 54,544,483 Segment income (loss) from operations 1,083,247 5,734,917 (2,241,926 ) (1,837,633 ) (7,968,500 ) (5,229,895 ) Capital expenditures 352,461 20,578,522 66,848,567 7,283,018 6,130 95,068,698 Depreciation and amortization 270,269 8,255,727 6,487,960 - 109,901 15,123,857 Total As of December 31, 2023 GIG LMH BOB BOAM Unallocated Consolidated Accounts receivable, net $ 7,124,471 $ 4,060,259 $ 689,817 $ 251,154 $ 15,543 $ 12,141,244 Goodwill 11,325,138 130,903,950 39,614,422 536,626 - 182,380,136 Total assets 71,723,355 267,205,346 183,151,741 100,739,644 145,387,006 768,207,092 Total As of December 31, 2022 GIG LMH BOB BOAM Unallocated Consolidated Accounts receivable, net $ 1,707,716 $ 3,696,906 $ 426,256 $ - $ 488 $ 5,831,366 Goodwill 11,325,138 130,428,222 37,710,162 - - 179,463,522 Total assets 68,712,781 277,153,407 138,800,411 21,988,032 181,148,268 687,802,899 |
Note 16 - Reserves for Losses a
Note 16 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 16 . RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the years ended December 31: 2023 2022 Gross reserve for unpaid losses and loss adjustment expenses, beginning of year $ 2,105,579 $ 1,721,526 Less: reinsurance recoverable on unpaid losses 415,000 340,000 Net reserve for unpaid losses and loss adjustment expenses, beginning of year 1,690,579 1,381,526 Incurred losses and loss adjustment expenses: Current year 2,411,846 1,682,424 Prior year (367,411 ) (150,131 ) Total net losses and loss adjustment expense incurred 2,044,435 1,532,293 Payments: Current Year 532,062 381,414 Prior Year 752,579 841,826 Total Payments: 1,284,641 1,223,240 Net reserves for unpaid losses and loss adjustment expenses, end of year 2,450,373 1,690,579 Reinsurance recoverable on unpaid losses, net of allowance 3,283,071 415,000 Gross reserves for unpaid losses and loss adjustment expenses, end of year $ 5,733,444 $ 2,105,579 During the years ended December 31, 2023 2022 |
Note 17- Management Incentive B
Note 17- Management Incentive Bonus Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Management Incentive Bonus Plan [Text Block] | NOTE 17. MANAGEMENT INCENTIVE BONUS PLAN On January 10, 2022, 20% 106% may December 31, 2021, December 31, 2021. |
Note 18 - Custodial Risk
Note 18 - Custodial Risk | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 18. CUSTODIAL RISK As of December 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not We consolidate any VIE of which we are the primary beneficiary. Such VIEs consist of 24th 24th 24th Total assets of the consolidated VIEs included within our consolidated balance sheets were approximately $96,500,000 and $21,900,000 as of December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, may Our consolidated subsidiaries include: Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” Link Billboards Oklahoma, LLC which we refer to as “LBO” General Indemnity Group, LLC which we refer to as “GIG” American Contracting Services, Inc. which we refer to as “ACS” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” Fund One Boston Omaha Build for Rent LP which we refer to as “BFR” BOAM BFR, LLC which we refer to as “BOAM BFR” BOC Business Services, LLC which we refer to as “BBS” Yellowstone Acquisition Company which we refer to as “Yellowstone” BOC Yellowstone, LLC which we refer to as “BOC Yellowstone” BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II” 24th “24th 24th “24th 24th “24th Boston Omaha Broadband, LLC which we refer to as “BOB” FIF AireBeam, LLC which we refer to as “AireBeam” Fiber Fast Homes, LLC which we refer to as “FFH” FIF Utah, LLC which we refer to as “FIF Utah” FIF St George, LLC which we refer to as “FIF St George” |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held by BOAM Funds and Other Cash held by BOAM Funds and other represents cash and cash equivalents held by consolidated BOAM Funds and other consolidated entities. Such amounts are not |
Receivable [Policy Text Block] | Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. Insurance Accounts receivable consists of premiums, anticipated salvage, and reinsurance receivables. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. Credit Losses We estimate credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no |
Business Combinations Policy [Policy Text Block] | Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 four third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization, and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2023 2022; not During 2023 2022 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between five fifty Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. |
Investment, Policy [Policy Text Block] | Investments, Short-term and Long-term Investments include U.S Treasury securities, marketable equity securities, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the securities to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Dividend and interest income are recognized when earned. Realized investment gains and losses are included in earnings. Equity Investment s Our equity investments consist of investment in three not no no 2016 01 Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, 3% 5% We monitor our equity method investments for factors indicating other-than-temporary impairment. We consider several factors when evaluating our investments, including, but not Retention of Specialized Accounting Each of the 24th not |
Funds Held as Collateral Assets [Policy Text Block] | Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization, and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. |
Revenue [Policy Text Block] | Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and broadband internet services and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers, 840, Leases. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services – Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. one not one one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Surety Bond Sales Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $3,302,753 and $1,230,505 for the years ended December 31, 2023 2022 Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. |
Right of Use Assets and Lease Liabilities [Policy Text Block] | Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU," assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 |
Redeemable Noncontrolling Interest [Policy Text Block] | Redeemable Noncontrolling Interest Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. Redeemable Noncontrolling Interests recorded within our consolidated balance sheets relates to our Broadband subsidiaries (see Note 6 |
Liability Reserve Estimate, Policy [Policy Text Block] | Losses and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. We involve an independent, third may |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2023 2022 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2023 2022 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with ASC Topic 740 Our policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2023 2022 no December 31, 2023 2022 no |
Reclassification, Comparability Adjustment [Policy Text Block] | Revision of Previously Issued Financial Statements In light of our acquisition of 100% of the membership interests in 24th 6 24th 323, December 31, 2022, 24th As a result, we recorded increases to our investments in unconsolidated affiliates, deferred tax liability, and retained earnings of $4,085,040, $991,188, and $3,093,852, respectively. The effect on total assets, total liabilities, and total stockholders equity as of December 31, 2022 December 31, 2022 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2023, January 1, 2024 January 1, 2025. In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2023 2022 Cash and cash equivalents $ 21,946,884 $ 25,493,141 Funds held as collateral 14,101,531 21,026,579 Cash held by BOAM funds and other 3,364,789 8,146,792 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 39,413,204 $ 54,666,512 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | December 31, 2023 2022 Trade accounts $ 6,117,359 $ 4,798,827 Premiums 2,911,119 1,143,918 Recoverables from reinsurers 3,283,071 - Allowance for doubtful accounts (170,305 ) (111,379 ) Total Accounts Receivable, net $ 12,141,244 $ 5,831,366 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Structures and displays $ 65,736,121 $ 63,585,845 Fiber, towers, and broadband equipment 97,974,753 50,216,957 Land 583,892 14,318,292 Vehicles and equipment 10,699,920 6,778,473 Office furniture and equipment 5,384,720 4,884,941 Accumulated depreciation (36,112,643 ) (24,194,568 ) Total Property and Equipment, net $ 144,266,763 $ 115,589,940 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | InfoWest & Go Fiber Assets Acquired Property, plant and equipment $ 5,983,410 Trade names and trademarks 7,300,000 Customer relationships 16,900,000 Goodwill 18,071,004 Right of use assets 3,155,434 Other 358,614 Total Assets Acquired 51,768,462 Liabilities Assumed Lease liabilities 3,149,194 Other 46,119 Total Liabilities Assumed 3,195,313 Total $ 48,573,149 Elevation Assets Acquired Property, plant and equipment $ 3,717,734 Customer relationships 2,484,000 Goodwill 8,017,554 Right of use assets 2,098,194 Other 310,794 Total Assets Acquired 16,628,276 Liabilities Assumed Accounts payable and other 290,825 Lease liabilities 2,098,194 Total Liabilities Assumed 2,389,019 Total $ 14,239,257 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Year Ended December 31, 2023 2022 Revenue $ 97,693,127 $ 89,587,574 Net Income Attributable to Common Stockholders $ (6,371,174 ) $ 18,833,218 Basic Net Income per Share $ (0.20 ) $ 0.63 Basic Weighted Average Class A and Class B Common Shares Outstanding 31,092,850 29,698,732 Diluted Net Income per Share $ (0.20 ) $ 0.63 Diluted Weighted Average Class A and Class B Common Shares Outstanding 31,092,850 29,766,247 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 72,028,493 $ (33,426,898 ) $ 38,601,595 $ 69,052,231 $ (28,141,423 ) $ 40,910,808 Permits, licenses, and lease acquisition costs 11,793,354 (5,562,205 ) 6,231,149 11,724,308 (4,479,482 ) 7,244,826 Site location 849,347 (363,332 ) 486,015 849,347 (306,708 ) 542,639 Noncompetition agreements 626,000 (624,600 ) 1,400 626,000 (578,500 ) 47,500 Technology 1,128,000 (509,250 ) 618,750 1,128,000 (410,250 ) 717,750 Trade names and trademarks 11,152,200 (1,680,459 ) 9,471,741 11,152,200 (1,089,892 ) 10,062,308 Nonsolicitation agreement 103,000 (40,500 ) 62,500 28,000 (28,000 ) - Capitalized contract costs 2,974,125 (387,990 ) 2,586,135 1,869,350 (151,034 ) 1,718,316 Indefinite lived intangibles 7,473,016 - 7,473,016 7,097,895 - 7,097,895 Total $ 108,127,535 $ (42,595,234 ) $ 65,532,301 $ 103,527,331 $ (35,185,289 ) $ 68,342,042 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, 2024 2025 2026 2027 2028 Thereafter Total Customer relationships $ 5,428,084 $ 5,428,084 $ 5,428,084 $ 5,398,078 $ 4,719,107 $ 12,200,158 $ 38,601,595 Permits, licenses and lease acquisition costs 1,086,916 1,073,908 1,047,418 1,014,030 751,545 1,257,332 6,231,149 Site location 56,623 56,623 56,623 56,623 56,623 202,900 486,015 Noncompetition agreements 1,400 - - - - - 1,400 Technology 99,000 99,000 99,000 99,000 99,000 123,750 618,750 Trade names and trademarks 590,567 590,567 590,567 525,667 525,667 6,648,706 9,471,741 Nonsolicitation agreement 25,000 25,000 12,500 - - - 62,500 Capitalized contract costs 297,413 297,413 297,413 297,413 297,413 1,099,070 2,586,135 Total $ 7,585,003 $ 7,570,595 $ 7,531,605 $ 7,390,811 $ 6,449,355 $ 21,531,916 $ 58,059,285 Customer relationships 85 Permits, licenses, and lease acquisition costs 69 Site location 103 Noncompetition agreements 7 Technology 75 Trade names and trademarks 192 Nonsolicitation agreement 30 Capitalized contract costs 104 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Investment [Table Text Block] | December 31, 2023 2022 U.S. Treasury notes held to maturity $ 19,195,228 $ 4,757,224 Common stock warrants of Sky Harbour Group Corporation 5,558,241 1,531,604 Total $ 24,753,469 $ 6,288,828 December 31, 2023 2022 U.S. Treasury securities held to maturity $ - $ 6,729,457 Investments in special purpose entities 64,697,093 - Preferred stock 348,694 348,694 Voting preferred stock of MyBundle TV Inc. 3,000,000 - Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 87,104,272 $ 26,136,636 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, December 31, 2023 $ 2,279,723 $ (69,686 ) $ 2,210,037 Marketable equity securities, December 31, 2022 $ 9,665,100 $ (896,162 ) $ 8,768,938 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, December 31, 2023 $ 47,162,564 $ (49,905 ) $ 47,112,659 U.S. Treasury trading securities, December 31, 2022 $ 33,888,165 $ (367,764 ) $ 33,520,401 |
Investments in and Advances to Affiliates [Table Text Block] | December 31, 2023 2022 Beginning of year $ 118,218,389 $ 61,660,905 Additional investments in unconsolidated affiliates 19,500 45,094,500 Distributions received (271,355 ) (642,511 ) Reclassification of marketable securities to investment in affiliate - 23,483 Transfer of interest - (625,498 ) Gain on retained interest of deconsolidated affiliate - 10,010,090 Reclassification to consolidated subsidiaries (15,832,981 ) - Equity in income (loss) of unconsolidated affiliates (7,888,765 ) 2,697,420 End of year $ 94,244,788 $ 118,218,389 |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Revenue $ 14,925,054 $ 24,672,878 Gross profit 11,232,952 12,148,774 Loss from continuing operations (17,414,314 ) (18,539,589 ) Net loss $ (22,349,383 ) $ (7,922,455 ) |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Quoted Prices Realized Gains Total Changes Total Carrying in Active and (Losses) in Fair Values Amount in Markets for Included in Included in Consolidated Identical Current Period Current Period Balance Sheet Assets Earnings (Loss) Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities at December 31, 2023 $ 49,322,696 $ 49,322,696 $ 740,892 $ 4,411,489 Marketable equity securities and U.S. Treasury trading securities at December 31, 2022 $ 42,289,339 $ 42,289,339 $ (9,485,637 ) $ (6,150,053 ) |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2023 2022 Income tax (provision) benefit: Current federal income tax expense $ - $ - Current state income tax expense 166,223 256,971 Deferred federal income tax benefit (2,138,204 ) (1,004,743 ) Deferred state income tax benefit (1,006,757 ) (1,757,161 ) Total income tax benefit before valuation allowance (2,978,738 ) (2,504,933 ) Valuation allowance - - Total income tax benefit $ (2,978,738 ) $ (2,504,933 ) Deferred tax assets: Net operating loss carryforwards $ 18,672,782 $ 7,011,687 Tax credits 643,945 643,945 Lease liabilities 14,555,615 15,644,321 Premium adjustments and IBNR 580,373 906,208 Disallowed interest expense carryforwards 1,204 201,725 Other 70,452 54,714 Total Deferred Tax Assets 34,524,371 24,462,600 Valuation allowance (846,633 ) (832,123 ) Net deferred tax assets $ 33,677,738 $ 23,630,477 Deferred tax liabilities: Property and equipment $ (19,504,745 ) $ (14,785,116 ) Intangibles (8,269,752 ) (5,637,973 ) Right of use assets (14,684,988 ) (15,721,959 ) Investment in unconsolidated subsidiaries (2,570,253 ) (745,464 ) Unrealized gain on securities (759,812 ) (1,679,572 ) Total deferred tax liabilities (45,789,550 ) (38,570,084 ) Net deferred tax liabilities $ (12,111,812 ) $ (14,939,607 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2023 2022 Federal income tax at statutory rate $ (1,941,583 ) $ 1,653,579 State tax income taxes, net of federal benefit (1,118,721 ) (279,305 ) Non-controlling interest (213,753 ) (38,802 ) Provision to return adjustments 129,405 275,920 Warrant income - (489,221 ) Gain on deconsolidation of Yellowstone - (3,979,091 ) Permanent differences 137,649 58,975 Valuation allowance 14,510 334,861 Other 13,755 (41,849 ) Total income tax benefit $ (2,978,738 ) $ (2,504,933 ) |
Note 11 - Asset Retirement Ob_2
Note 11 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, January 1, 2022 $ 3,162,725 Additions 200,496 Accretion expense 206,359 Liabilities settled - Balance, December 31, 2022 $ 3,569,580 Additions 8,904 Accretion expense 216,501 Liabilities settled - Balance, December 31, 2023 $ 3,794,985 |
Note 12 - Capital Stock (Tables
Note 12 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of January 1, 2022 105,556 $ 9.95 3.5 $ 1,982,342 Issued - Exercised - Expired - Outstanding as of December 31, 2022 105,556 $ 9.95 2.5 $ 1,746,952 Issued - Exercised - Expired - Outstanding as of December 31, 2023 105,556 $ 9.95 1.5 $ 610,114 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2023 December 31, 2022 Statement of Operations Classification Lease cost $ 8,615,322 $ 8,154,253 Cost of billboard revenues and general and administrative Variable and short-term lease cost 2,429,724 2,109,390 Cost of billboard revenues and general and administrative Total Lease Cost $ 11,045,046 $ 10,263,643 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2023 December 31, 2022 Cash payments for operating leases $ 8,312,237 $ 7,780,379 New operating lease assets obtained in exchange for operating lease liabilities $ 1,843,316 $ 7,733,632 |
Operating Lease Assets and Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Balance Sheet Classification Lease assets $ 61,399,460 $ 64,719,405 Other Assets: Right of use assets Current lease liabilities $ 5,085,221 $ 5,203,981 Current Liabilities: Lease liabilities Noncurrent lease liabilities 56,438,308 59,281,733 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 61,523,529 $ 64,485,714 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | December 31, 2023 2024 $ 7,915,094 2025 7,548,111 2026 7,099,441 2027 6,783,048 2028 6,432,418 Thereafter 56,244,069 Total lease payments 92,022,181 Less imputed interest (30,498,652 ) Present Value of Lease Liabilities $ 61,523,529 |
Note 15 - Industry Segments (Ta
Note 15 - Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Year Ended December 31, 2023 GIG LMH BOB BOAM Unallocated Consolidated Revenue $ 17,705,891 $ 42,940,369 $ 35,340,502 $ 266,974 $ - $ 96,253,736 Segment gross profit 10,897,724 27,803,552 25,384,984 266,974 - 64,353,234 Segment income (loss) from operations 1,518,244 6,609,419 (7,087,873 ) (2,382,041 ) (7,510,152 ) (8,852,403 ) Capital expenditures 176,499 3,535,306 56,743,382 5,016,494 6,536 65,478,217 Depreciation and amortization 312,634 9,008,648 10,133,332 - 110,421 19,565,035 Total Year Ended December 31, 2022 GIG LMH BOB BOAM Unallocated Consolidated Revenue $ 13,362,197 $ 39,244,726 $ 28,627,271 $ - $ - $ 81,234,194 Segment gross profit 8,606,614 24,849,099 21,088,770 - - 54,544,483 Segment income (loss) from operations 1,083,247 5,734,917 (2,241,926 ) (1,837,633 ) (7,968,500 ) (5,229,895 ) Capital expenditures 352,461 20,578,522 66,848,567 7,283,018 6,130 95,068,698 Depreciation and amortization 270,269 8,255,727 6,487,960 - 109,901 15,123,857 Total As of December 31, 2023 GIG LMH BOB BOAM Unallocated Consolidated Accounts receivable, net $ 7,124,471 $ 4,060,259 $ 689,817 $ 251,154 $ 15,543 $ 12,141,244 Goodwill 11,325,138 130,903,950 39,614,422 536,626 - 182,380,136 Total assets 71,723,355 267,205,346 183,151,741 100,739,644 145,387,006 768,207,092 Total As of December 31, 2022 GIG LMH BOB BOAM Unallocated Consolidated Accounts receivable, net $ 1,707,716 $ 3,696,906 $ 426,256 $ - $ 488 $ 5,831,366 Goodwill 11,325,138 130,428,222 37,710,162 - - 179,463,522 Total assets 68,712,781 277,153,407 138,800,411 21,988,032 181,148,268 687,802,899 |
Note 16 - Reserves for Losses_2
Note 16 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2023 2022 Gross reserve for unpaid losses and loss adjustment expenses, beginning of year $ 2,105,579 $ 1,721,526 Less: reinsurance recoverable on unpaid losses 415,000 340,000 Net reserve for unpaid losses and loss adjustment expenses, beginning of year 1,690,579 1,381,526 Incurred losses and loss adjustment expenses: Current year 2,411,846 1,682,424 Prior year (367,411 ) (150,131 ) Total net losses and loss adjustment expense incurred 2,044,435 1,532,293 Payments: Current Year 532,062 381,414 Prior Year 752,579 841,826 Total Payments: 1,284,641 1,223,240 Net reserves for unpaid losses and loss adjustment expenses, end of year 2,450,373 1,690,579 Reinsurance recoverable on unpaid losses, net of allowance 3,283,071 415,000 Gross reserves for unpaid losses and loss adjustment expenses, end of year $ 5,733,444 $ 2,105,579 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Oct. 01, 2022 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | May 01, 2023 | |
Assets | $ 768,207,092 | $ 687,802,899 | ||
Liabilities | $ 151,754,831 | 158,059,668 | ||
Number of Reporting Units | 4 | |||
Goodwill, Impairment Loss | $ 0 | |||
Goodwill | $ 182,380,136 | 179,463,522 | ||
Ceded Premiums Earned | 3,302,753 | 1,230,505 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | |||
Deferred Income Tax Liabilities, Net | 12,111,812 | 14,939,607 | ||
Retained Earnings (Accumulated Deficit) | 15,669,488 | 22,673,497 | ||
Equity, Attributable to Parent | 538,207,426 | 506,621,142 | ||
Net Income (Loss) Attributable to Parent | $ (7,004,009) | $ 10,233,400 | ||
Earnings Per Share, Basic (in dollars per share) | $ / shares | $ (0.23) | $ 0.34 | ||
Revision of Prior Period, Adjustment [Member] | ||||
Assets | $ 4,085,040 | |||
Liabilities | 991,188 | |||
Equity Method Investments | 4,085,040 | |||
Deferred Income Tax Liabilities, Net | 991,188 | |||
Retained Earnings (Accumulated Deficit) | 3,093,852 | |||
Equity, Attributable to Parent | 3,093,852 | |||
Equity Method Investment, Underlying Equity in Net Assets | 4,085,040 | |||
Net Income (Loss) Attributable to Parent | $ 3,093,852 | |||
Earnings Per Share, Basic (in dollars per share) | $ / shares | $ 0.1 | |||
Tammy Lynn Outdoor, LLC, Key Outdoor, Inc and Waitt Outdoor, LLC [Member] | ||||
Goodwill | $ 2,900,000 | $ 26,100,000 | ||
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | |||
Lessor, Operating Lease, Term of Contract (Month) | 3 years | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | $ 96,500,000 | 21,900,000 | ||
Liabilities | $ 132,000 | $ 31,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property and Equipment (Details) | Dec. 31, 2023 |
Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Structures [Member] | |
Property and equipment, useful life (Year) | 15 years |
Digital Displays and Electrical [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 15 years |
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 5 years |
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Vehicles, Equipment and Furniture [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Vehicles, Equipment and Furniture [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 7 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Intangible Assets (Details) | Dec. 31, 2023 |
Minimum [Member] | |
Finite-lived intangible assets, useful life (Year) | 5 years |
Maximum [Member] | |
Finite-lived intangible assets, useful life (Year) | 50 years |
Customer Relationships [Member] | Minimum [Member] | |
Finite-lived intangible assets, useful life (Year) | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-lived intangible assets, useful life (Year) | 15 years |
Permits, Licenses and Lease Acquisition Costs [Member] | Minimum [Member] | |
Finite-lived intangible assets, useful life (Year) | 10 years |
Permits, Licenses and Lease Acquisition Costs [Member] | Maximum [Member] | |
Finite-lived intangible assets, useful life (Year) | 50 years |
Noncompetition and Nonsolicitation Agreements [Member] | |
Finite-lived intangible assets, useful life (Year) | 5 years |
Technology, Trade Names and Trademarks [Member] | Minimum [Member] | |
Finite-lived intangible assets, useful life (Year) | 10 years |
Technology, Trade Names and Trademarks [Member] | Maximum [Member] | |
Finite-lived intangible assets, useful life (Year) | 20 years |
Site Location [Member] | |
Finite-lived intangible assets, useful life (Year) | 15 years |
Capitalized Contract Costs [Member] | |
Finite-lived intangible assets, useful life (Year) | 10 years |
Note 3 - Cash, Cash Equivalen_3
Note 3 - Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 21,946,884 | $ 25,493,141 | |
Funds held as collateral | 14,101,531 | 21,026,579 | |
Cash held by BOAM funds and other | 3,364,789 | 8,146,792 | |
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows | $ 39,413,204 | $ 54,666,512 | $ 81,694,400 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ (170,305) | $ (111,379) |
Accounts receivable, net | 12,141,244 | 5,831,366 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 6,117,359 | 4,798,827 |
Premium [Member] | ||
Accounts receivable, gross | 2,911,119 | 1,143,918 |
Recoverables From Reinsurers [Member] | ||
Accounts receivable, gross | $ 3,283,071 | $ 0 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 12,155,096 | $ 8,649,066 |
Long-Term Investments | 87,104,272 | $ 26,136,636 |
Reclassification From Land To Long Term Investments [Member] | ||
Long-Term Investments | $ 13,800,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated depreciation | $ (36,112,643) | $ (24,194,568) |
Total Property and Equipment, net | 144,266,763 | 115,589,940 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 65,736,121 | 63,585,845 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 97,974,753 | 50,216,957 |
Land [Member] | ||
Property, plant and equipment, gross | 583,892 | 14,318,292 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 10,699,920 | 6,778,473 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 5,384,720 | $ 4,884,941 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | 12 Months Ended | |||||||
Oct. 24, 2023 | Jun. 16, 2023 | May 01, 2023 | Nov. 21, 2022 | Apr. 01, 2022 | Dec. 31, 2023 | May 31, 2023 | Dec. 31, 2022 | |
Goodwill | $ 182,380,136 | $ 179,463,522 | ||||||
Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Acquired Property, Plant and Equipment, Weighted Average Useful Life (Year) | 5 years | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 5 years | |||||||
Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | |||||||
Acquired Property, Plant and Equipment, Weighted Average Useful Life (Year) | 40 years | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 50 years | |||||||
Customer Relationships [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Customer Relationships [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Business Combination, Consideration Transferred | $ 5,016,494 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 48% | |||||||
Payments to Acquire Businesses, Gross | $ 2,759,072 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 45,644 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 9,110,478 | |||||||
Goodwill, Acquired During Period | 536,626 | |||||||
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | Holdback Cash Consideration [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 1,254,102 | |||||||
Broadband [Member} | ||||||||
Payments to Acquire Businesses, Gross | $ 2,881,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 844,500 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,046,000 | |||||||
Goodwill | $ 990,500 | |||||||
Broadband [Member} | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
Cable Systems [Member] | ||||||||
Business Combination, Consideration Transferred | $ 4,375,000 | |||||||
Payments to Acquire Businesses, Gross | 3,937,500 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,664,240 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,797,000 | |||||||
Goodwill | 913,760 | |||||||
Business Combination, Consideration Transferred, Other | $ 437,500 | |||||||
Cable Systems [Member] | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | ||||||||
Business Combination, Consideration Transferred | $ 48,573,149 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,983,410 | |||||||
Goodwill | $ 18,071,004 | |||||||
Business Combination, Consideration Transferred, Cash, Percentage | 80% | |||||||
Business Combination, Consideration Transferred, Equity Issued, Percentage | 20% | |||||||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 16,900,000 | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Trade Names [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||||||
Elevation Outdoor Advertising [Member] | ||||||||
Business Combination, Consideration Transferred | $ 14,239,257 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,717,734 | |||||||
Goodwill | 8,017,554 | |||||||
Elevation Outdoor Advertising [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,484,000 | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
Elevation Outdoor Advertising [Member] | Permits [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 6 - Business Acquisition_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 21, 2022 | Apr. 01, 2022 |
Goodwill | $ 182,380,136 | $ 179,463,522 | ||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5,983,410 | |||
Goodwill | 18,071,004 | |||
Right of use assets | 3,155,434 | |||
Other | 358,614 | |||
Total Assets Acquired | 51,768,462 | |||
Lease liabilities | 3,149,194 | |||
Other | 46,119 | |||
Total Liabilities Assumed | 3,195,313 | |||
Total | 48,573,149 | |||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Trademarks and Trade Names [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,300,000 | |||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 16,900,000 | |||
Elevation Outdoor Advertising [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,717,734 | |||
Goodwill | 8,017,554 | |||
Right of use assets | 2,098,194 | |||
Other | 310,794 | |||
Total Assets Acquired | 16,628,276 | |||
Lease liabilities | 2,098,194 | |||
Total Liabilities Assumed | 2,389,019 | |||
Total | 14,239,257 | |||
Accounts payable and other | 290,825 | |||
Elevation Outdoor Advertising [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,484,000 |
Note 6 - Business Acquisition_4
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 97,693,127 | $ 89,587,574 |
Net Income Attributable to Common Stockholders | $ (6,371,174) | $ 18,833,218 |
Basic Net Income per Share (in dollars per share) | $ (0.2) | $ 0.63 |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 31,092,850 | 29,698,732 |
Diluted Net Income per Share (in dollars per share) | $ (0.2) | $ 0.63 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 31,092,850 | 29,766,247 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization | $ 7,409,939 | $ 6,474,791 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization | $ (42,595,234) | $ (35,185,289) |
Balance | 58,059,285 | |
Balance | 7,473,016 | 7,097,895 |
Total, cost | 108,127,535 | 103,527,331 |
Intangible assets, net | 65,532,301 | 68,342,042 |
Customer Relationships [Member] | ||
Cost | 72,028,493 | 69,052,231 |
Accumulated amortization | (33,426,898) | (28,141,423) |
Balance | 38,601,595 | 40,910,808 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 11,793,354 | 11,724,308 |
Accumulated amortization | (5,562,205) | (4,479,482) |
Balance | 6,231,149 | 7,244,826 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (363,332) | (306,708) |
Balance | 486,015 | 542,639 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (624,600) | (578,500) |
Balance | 1,400 | 47,500 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 1,128,000 |
Accumulated amortization | (509,250) | (410,250) |
Balance | 618,750 | 717,750 |
Trademarks and Trade Names [Member] | ||
Cost | 11,152,200 | 11,152,200 |
Accumulated amortization | (1,680,459) | (1,089,892) |
Balance | 9,471,741 | 10,062,308 |
Nonsolicitation Agreement [Member] | ||
Cost | 103,000 | 28,000 |
Accumulated amortization | (40,500) | (28,000) |
Balance | 62,500 | 0 |
Capitalized Contract Costs [Member] | ||
Cost | 2,974,125 | 1,869,350 |
Accumulated amortization | (387,990) | (151,034) |
Balance | $ 2,586,135 | $ 1,718,316 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 7,585,003 | |
2025 | 7,570,595 | |
2026 | 7,531,605 | |
2027 | 7,390,811 | |
2028 | 6,449,355 | |
Thereafter | 21,531,916 | |
Total | 58,059,285 | |
Customer Relationships [Member] | ||
2024 | 5,428,084 | |
2025 | 5,428,084 | |
2026 | 5,428,084 | |
2027 | 5,398,078 | |
2028 | 4,719,107 | |
Thereafter | 12,200,158 | |
Total | $ 38,601,595 | $ 40,910,808 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 85 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2024 | $ 1,086,916 | |
2025 | 1,073,908 | |
2026 | 1,047,418 | |
2027 | 1,014,030 | |
2028 | 751,545 | |
Thereafter | 1,257,332 | |
Total | $ 6,231,149 | 7,244,826 |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 69 months | |
Site Location [Member] | ||
2024 | $ 56,623 | |
2025 | 56,623 | |
2026 | 56,623 | |
2027 | 56,623 | |
2028 | 56,623 | |
Thereafter | 202,900 | |
Total | $ 486,015 | 542,639 |
Finite-lived intangible assets, useful life (Year) | 15 years | |
Site Location [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 103 months | |
Noncompete Agreements [Member] | ||
2024 | $ 1,400 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total | $ 1,400 | 47,500 |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 7 months | |
Technology-Based Intangible Assets [Member] | ||
2024 | $ 99,000 | |
2025 | 99,000 | |
2026 | 99,000 | |
2027 | 99,000 | |
2028 | 99,000 | |
Thereafter | 123,750 | |
Total | $ 618,750 | 717,750 |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 75 months | |
Trademarks and Trade Names [Member] | ||
2024 | $ 590,567 | |
2025 | 590,567 | |
2026 | 590,567 | |
2027 | 525,667 | |
2028 | 525,667 | |
Thereafter | 6,648,706 | |
Total | $ 9,471,741 | 10,062,308 |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 192 months | |
Nonsolicitation Agreement [Member] | ||
2024 | $ 25,000 | |
2025 | 25,000 | |
2026 | 12,500 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total | $ 62,500 | 0 |
Nonsolicitation Agreement [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 30 months | |
Capitalized Contract Costs [Member] | ||
2024 | $ 297,413 | |
2025 | 297,413 | |
2026 | 297,413 | |
2027 | 297,413 | |
2028 | 297,413 | |
Thereafter | 1,099,070 | |
Total | $ 2,586,135 | $ 1,718,316 |
Finite-lived intangible assets, useful life (Year) | 10 years | |
Capitalized Contract Costs [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 104 months |
Note 8 - Investments, Includi_3
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||
Nov. 02, 2023 | May 01, 2023 | Jan. 25, 2022 | Sep. 14, 2021 | Jul. 31, 2023 | Oct. 31, 2020 | May 31, 2018 | Dec. 31, 2023 | Mar. 31, 2022 | Nov. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 29, 2023 | Nov. 01, 2023 | May 31, 2023 | Apr. 25, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.95 | $ 9.95 | $ 9.95 | $ 9.95 | |||||||||||||
Payments to Acquire Equity Method Investments | $ 3,019,500 | $ 45,094,500 | |||||||||||||||
Deconsolidation, Gain (Loss), Amount | 0 | 24,977,740 | |||||||||||||||
Deconsolidation, Gain (Loss), Recognized, Amount | $ 0 | $ 10,010,090 | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||||||
Common Class A [Member] | |||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
CB&T Holding Corporation [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 15.60% | ||||||||||||||||
Yellowstone Acquisition Company [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 20% | ||||||||||||||||
Sky Harbour Group Corporation [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 19.80% | 19.80% | |||||||||||||||
Payments to Acquire Equity Method Investments | $ 55,000,000 | ||||||||||||||||
Equity Method Investment, Shares (in shares) | 13,118,474 | 13,118,474 | |||||||||||||||
Equity Method Investment, Quoted Market Value | $ 127,000,000 | $ 127,000,000 | |||||||||||||||
Sky Harbour Group Corporation Class A Common Stock [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 19.80% | 22.90% | |||||||||||||||
Payments to Acquire Equity Method Investments | $ 45,000,000 | ||||||||||||||||
Equity Method Investment, Shares, Converted from Other Equity (in shares) | 5,500,000 | ||||||||||||||||
Equity Method Investment, Price Per Share (in dollars per share) | $ 10 | ||||||||||||||||
Equity Method Investment, Shares (in shares) | 4,500,000 | 13,118,474 | |||||||||||||||
Deconsolidation, Gain (Loss), Amount | $ 24,977,740 | ||||||||||||||||
Deconsolidation, Gain (Loss), Recognized, Amount | 10,000,000 | ||||||||||||||||
Deconsolidation, Gain (Loss), Assets and Liabilities | $ 15,000,000 | ||||||||||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 2,200,000 | ||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 127,000,000 | $ 127,000,000 | |||||||||||||||
Yellowstone Acquisition Company [Member] | |||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 125,000,000 | ||||||||||||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | |||||||||||||||||
Units Issued During Period, Number (in shares) | 13,598,898 | ||||||||||||||||
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | 11.5 | ||||||||||||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ 10 | ||||||||||||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | Common Class A [Member] | |||||||||||||||||
Units Issued During Period, Number of Common Stock, Shares (in shares) | 1 | ||||||||||||||||
Yellowstone Acquisition Company Warrants [Member] | IPO [Member] | |||||||||||||||||
Units Issued During Period, Number of Warrants (in shares) | 0.5 | ||||||||||||||||
BOC Yellowstone LLC [Member] | Non-redeemable Private Placement Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | |||||||||||||||||
Payments to Acquire Investments, Total | $ 7,800,000 | ||||||||||||||||
Investment Owned, Balance, Shares (in shares) | 3,399,724 | ||||||||||||||||
Sky Harbour Group Corporation [Member] | Private Placement [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,141,600 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,586,154 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 42,810,000 | ||||||||||||||||
Sky Harbour Group Corporation [Member] | Additional PIPE Offering [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400,000 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 57,810,000 | ||||||||||||||||
Equity Offering, Maximum Shares (in shares) | 2,307,692 | ||||||||||||||||
Equity Offering, Maximum Amount | $ 15,000,000 | ||||||||||||||||
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||||||||
Business Combination, Consideration Transferred | $ 5,016,494 | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 48% | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,759,072 | ||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 45,644 | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 4,600,000 | ||||||||||||||||
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | Holdback Cash Consideration [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 1,254,102 | ||||||||||||||||
CB&T Holding Corporation [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 19,058,485 | ||||||||||||||||
My Bundle TV Inc. [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,000,000 | ||||||||||||||||
Business Combination Agreement with SHG [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 55,000,000 | ||||||||||||||||
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Maximum Value | $ 45,000,000 | ||||||||||||||||
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Price Per Share (in dollars per share) | $ 10 |
Note 8 - Investments, Includi_4
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Investments | $ 24,753,469 | $ 6,288,828 |
Long-Term Investments | 87,104,272 | 26,136,636 |
Common Stock Warrants of Sky Harbour Group Corporation [Member] | ||
Short-term Investments | 5,558,241 | 1,531,604 |
My Bundle TV Inc. [Member] | ||
Long-Term Investments | 3,000,000 | 0 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-Term Investments | 19,058,485 | 19,058,485 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 19,195,228 | 4,757,224 |
US Treasury Securities [Member] | ||
Long-Term Investments | 0 | 6,729,457 |
Special Purpose Entities [Member] | ||
Long-Term Investments | 64,697,093 | 0 |
Preferred Stock [Member] | ||
Long-Term Investments | $ 348,694 | $ 348,694 |
Note 8 - Investments, Includi_5
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Marketable Equity Securities and Trading Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable equity securities, Cost | $ 2,279,723 | $ 9,665,100 |
Marketable equity securities, Gross Unrealized Gain (Loss) | (69,686) | (896,162) |
Marketable equity securities | $ 2,210,037 | $ 8,768,938 |
Note 8 - Investments, Includi_6
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Treasury notes, Cost | $ 47,162,564 | $ 33,888,165 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | (49,905) | (367,764) |
U.S. Treasury notes, Fair Value | $ 47,112,659 | $ 33,520,401 |
Note 8 - Investments, Includi_7
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning of year | $ 118,218,389 | $ 61,660,905 |
Additional investments in unconsolidated affiliates | 19,500 | 45,094,500 |
Distributions received | (271,355) | (642,511) |
Reclassification of marketable securities to investment in affiliate | 0 | 23,483 |
Transfer of interest | 0 | (625,498) |
Gain on retained interest of deconsolidated affiliate | 0 | 10,010,090 |
Reclassification to consolidated subsidiaries | 15,832,981 | 0 |
Equity in income (loss) of unconsolidated affiliates | (7,888,765) | 2,697,420 |
End of year | $ 94,244,788 | $ 118,218,389 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 96,253,736 | $ 81,234,194 |
Gross profit | 64,353,234 | 54,544,483 |
Net loss | (6,167,725) | 10,379,116 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Revenue | 14,925,054 | 24,672,878 |
Gross profit | 11,232,952 | 12,148,774 |
Loss from continuing operations | (17,414,314) | (18,539,589) |
Net loss | $ (22,349,383) | $ (7,922,455) |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Jan. 25, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | |
Long-Term Debt | $ 27,337,766 | |||
Fair Value Adjustment of Warrants | 0 | $ (1,837,211) | ||
Boston Omaha [Member] | ||||
Investment Owned, Fair Value | 84,000,000 | |||
The 24th Street Funds, Special Purpose Entities [Member] | ||||
Investment Owned, Fair Value | $ 64,900,000 | |||
Sky Harbour Group Corporation [Member] | ||||
Equity Method Investment, Ownership Percentage | 19.80% | |||
Equity Method Investment, Shares (in shares) | shares | 13,118,474 | |||
Equity Method Investment, Quoted Market Value | $ 127,000,000 | |||
Measurement Input, Cap Rate [Member] | The 24th Street Funds, Special Purpose Entities [Member] | Minimum [Member] | ||||
Investment Company, Investment Owned, Measurement Input | 0.065 | |||
Measurement Input, Cap Rate [Member] | The 24th Street Funds, Special Purpose Entities [Member] | Maximum [Member] | ||||
Investment Company, Investment Owned, Measurement Input | 0.0675 | |||
Public Warrants [Member] | ||||
Fair Value Adjustment of Warrants | $ 1,837,211 | |||
Private Placement Warrants [Member] | ||||
Fair Value Adjustment of Warrants | $ (2,700,000) | $ 4,000,000 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Long-Term Debt, Fair Value | $ 24,818,323 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Realized gains (losses) | $ 740,892 | $ (9,485,637) |
Changes in fair values | 4,411,489 | (6,150,053) |
Reported Value Measurement [Member] | ||
Carrying amount | 49,322,696 | 42,289,339 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Carrying amount | $ 49,322,696 | $ 42,289,339 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2018 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 72.5 | $ 7.1 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 75 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax (Provision) Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current federal income tax expense | $ 0 | $ 0 |
Current state income tax expense | 166,223 | 256,971 |
Deferred federal income tax benefit | (2,138,204) | (1,004,743) |
Deferred state income tax benefit | (1,006,757) | (1,757,161) |
Total income tax benefit before valuation allowance | (2,978,738) | (2,504,933) |
Valuation allowance | 0 | 0 |
Total income tax benefit | (2,978,738) | (2,504,933) |
Net operating loss carryforwards | 18,672,782 | 7,011,687 |
Tax credits | 643,945 | 643,945 |
Lease liabilities | 14,555,615 | 15,644,321 |
Premium adjustments and IBNR | 580,373 | 906,208 |
Disallowed interest expense carryforwards | 1,204 | 201,725 |
Other | 70,452 | 54,714 |
Total Deferred Tax Assets | 34,524,371 | 24,462,600 |
Valuation allowance | (846,633) | (832,123) |
Net deferred tax assets | 33,677,738 | 23,630,477 |
Property and equipment | (19,504,745) | (14,785,116) |
Intangibles | (8,269,752) | (5,637,973) |
Right of use assets | (14,684,988) | (15,721,959) |
Investment in unconsolidated subsidiaries | (2,570,253) | (745,464) |
Unrealized gain on securities | (759,812) | (1,679,572) |
Total deferred tax liabilities | (45,789,550) | (38,570,084) |
Net deferred tax liabilities | $ (12,111,812) | $ (14,939,607) |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal income tax at statutory rate | $ (1,941,583) | $ 1,653,579 |
State tax income taxes, net of federal benefit | (1,118,721) | (279,305) |
Non-controlling interest | (213,753) | (38,802) |
Provision to return adjustments | 129,405 | 275,920 |
Warrant income | 0 | (489,221) |
Gain on deconsolidation of Yellowstone | 0 | (3,979,091) |
Permanent differences | 137,649 | 58,975 |
Valuation allowance | 14,510 | 334,861 |
Other | 13,755 | (41,849) |
Total income tax benefit | $ (2,978,738) | $ (2,504,933) |
Note 11 - Asset Retirement Ob_3
Note 11 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 3,569,580 | $ 3,162,725 |
Additions | 8,904 | 200,496 |
Accretion expense | 216,501 | 206,359 |
Liabilities settled | 0 | 0 |
Balance | $ 3,794,985 | $ 3,569,580 |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 08, 2022 USD ($) | Apr. 25, 2022 $ / shares shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||
Offering of Debt Securities and Warrants, Maximum (in shares) | 500,000,000 | |||
Maximum Shares of Common Stock Registered by Certain Selling Shareholders (in shares) | 8,297,093 | |||
Proceeds from Issuance of Common Stock | $ | $ 37,526,663 | $ 205,389 | ||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | ||
Warrants for Common Class B Stock [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 104,772 | |||
Warrants for Common Class A Stock [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 784 | |||
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common Class B [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common Stock, Voting Rights Per Share | 10 | |||
At The Market Offering [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,532,065 | 7,887 | ||
Proceeds from Issuance of Common Stock | $ | $ 37,526,663 | $ 205,389 | ||
Commission, Percent of Gross Sales Price Per Share | 3% | 3% | ||
At The Market Offering [Member] | Common Class A [Member] | Maximum [Member] | ||||
Equity Offering Program, Aggregate Share Price | $ | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 |
Note 12 - Capital Stock - Summa
Note 12 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 105,556 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 1 year 6 months | 2 years 6 months | 3 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 610,114 | $ 1,746,952 | $ 1,982,342 |
Issued (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | 0 | |
Expired (in shares) | 0 | 0 | |
Outstanding (in shares) | 105,556 | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | $ 9.95 |
Note 13 - Long-term Debt (Detai
Note 13 - Long-term Debt (Details Textual) | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Sep. 22, 2023 USD ($) | Sep. 21, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Dec. 06, 2021 USD ($) | Aug. 12, 2019 USD ($) | |
Long-Term Debt | $ 27,337,766 | |||||||
Long-Term Debt, Current Maturities | 814,667 | $ 1,545,090 | ||||||
Long-Term Debt, Maturity, Year One | 814,667 | |||||||
Long-Term Debt, Maturity, Year Two | 851,444 | |||||||
Long-Term Debt, Maturity, Year Three | 886,624 | |||||||
Long-Term Debt, Maturity, Year Four | 923,257 | |||||||
Long-Term Debt, Maturity, Year Five | 23,861,774 | |||||||
First National Bank of Omaha [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | $ 10,000,000 | $ 5,000,000 | $ 40,000,000 | ||||
Credit Agreement, Maximum Dividend Amount | $ 8,125,000 | |||||||
Long-term Line of Credit, Total | $ 0 | |||||||
Minimum Consolidated Leverage Ratio Requirement | 3 | 3.25 | 3.5 | |||||
Consolidated Fixed Charge Ratio Requirement | 1.15 | |||||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | |||||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||||||
First National Bank of Omaha [Member] | Term Loan 1 [Member] | ||||||||
Debt Instrument, Face Amount | $ 30,000,000 | 18,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||||||
Long-Term Debt, Gross | $ 30,000,000 | |||||||
Long-Term Debt | 27,337,766 | $ 28,499,270 | ||||||
Long-Term Debt, Current Maturities | $ 814,667 | $ 1,545,090 | ||||||
First National Bank of Omaha [Member] | Term Loan 2 [Member] | ||||||||
Debt Instrument, Face Amount | $ 5,500,000 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Dec. 31, 2023 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 16 years 6 months 29 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.90% |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease cost | $ 8,615,322 | $ 8,154,253 |
Variable and short-term lease cost | 2,429,724 | 2,109,390 |
Total Lease Cost | $ 11,045,046 | $ 10,263,643 |
Note 14 - Leases - Supplemental
Note 14 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash payments for operating leases | $ 8,312,237 | $ 7,780,379 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 1,843,316 | $ 7,733,632 |
Note 14 - Leases - Operating _2
Note 14 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Lease assets | $ 61,399,460 | $ 64,719,405 |
Current lease liabilities | 5,085,221 | 5,203,981 |
Noncurrent lease liabilities | 56,438,308 | 59,281,733 |
Total Lease Liabilities | $ 61,523,529 | $ 64,485,714 |
Note 14 - Leases - Maturity of
Note 14 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 7,915,094 | |
2025 | 7,548,111 | |
2026 | 7,099,441 | |
2027 | 6,783,048 | |
2028 | 6,432,418 | |
Thereafter | 56,244,069 | |
Total lease payments | 92,022,181 | |
Less imputed interest | (30,498,652) | |
Present Value of Lease Liabilities | $ 61,523,529 | $ 64,485,714 |
Note 15 - Industry Segments - S
Note 15 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 96,253,736 | $ 81,234,194 |
Segment gross profit | 64,353,234 | 54,544,483 |
Segment income (loss) from operations | (8,852,403) | (5,229,895) |
Capital expenditures | 65,478,217 | 95,068,698 |
Depreciation and amortization | 19,565,035 | 15,123,857 |
Accounts receivable, net | 12,141,244 | 5,831,366 |
Goodwill | 182,380,136 | 179,463,522 |
Total assets | 768,207,092 | 687,802,899 |
Segment Reconciling Items [Member] | ||
Revenue | 0 | 0 |
Segment gross profit | 0 | 0 |
Segment income (loss) from operations | (7,510,152) | (7,968,500) |
Capital expenditures | 6,536 | 6,130 |
Depreciation and amortization | 110,421 | 109,901 |
Accounts receivable, net | 15,543 | 488 |
Goodwill | 0 | 0 |
Total assets | 145,387,006 | 181,148,268 |
GIG [Member] | Operating Segments [Member] | ||
Revenue | 17,705,891 | 13,362,197 |
Segment gross profit | 10,897,724 | 8,606,614 |
Segment income (loss) from operations | 1,518,244 | 1,083,247 |
Capital expenditures | 176,499 | 352,461 |
Depreciation and amortization | 312,634 | 270,269 |
Accounts receivable, net | 7,124,471 | 1,707,716 |
Goodwill | 11,325,138 | 11,325,138 |
Total assets | 71,723,355 | 68,712,781 |
LMH [Member] | Operating Segments [Member] | ||
Revenue | 42,940,369 | 39,244,726 |
Segment gross profit | 27,803,552 | 24,849,099 |
Segment income (loss) from operations | 6,609,419 | 5,734,917 |
Capital expenditures | 3,535,306 | 20,578,522 |
Depreciation and amortization | 9,008,648 | 8,255,727 |
Accounts receivable, net | 4,060,259 | 3,696,906 |
Goodwill | 130,903,950 | 130,428,222 |
Total assets | 267,205,346 | 277,153,407 |
FIF [Member] | Operating Segments [Member] | ||
Revenue | 35,340,502 | 28,627,271 |
Segment gross profit | 25,384,984 | 21,088,770 |
Segment income (loss) from operations | (7,087,873) | (2,241,926) |
Capital expenditures | 56,743,382 | 66,848,567 |
Depreciation and amortization | 10,133,332 | 6,487,960 |
Accounts receivable, net | 689,817 | 426,256 |
Goodwill | 39,614,422 | 37,710,162 |
Total assets | 183,151,741 | 138,800,411 |
BOAM [Member] | Operating Segments [Member] | ||
Revenue | 266,974 | 0 |
Segment gross profit | 266,974 | 0 |
Segment income (loss) from operations | (2,382,041) | (1,837,633) |
Capital expenditures | 5,016,494 | 7,283,018 |
Depreciation and amortization | 0 | 0 |
Accounts receivable, net | 251,154 | 0 |
Goodwill | 536,626 | 0 |
Total assets | $ 100,739,644 | $ 21,988,032 |
Note 16 - Reserves for Losses_3
Note 16 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | $ 367,411 | $ 150,131 |
Note 16 - Reserves for Losses_4
Note 16 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross reserve for unpaid losses and loss adjustment expenses, beginning of year | $ 2,105,579 | $ 1,721,526 |
Less: reinsurance recoverable on unpaid losses | 415,000 | 340,000 |
Net reserve for unpaid losses and loss adjustment expenses, beginning of year | 1,690,579 | 1,381,526 |
Provision for losses and LAE claims arising in current year | 2,411,846 | 1,682,424 |
Provision for losses and LAE claims arising in prior year | (367,411) | (150,131) |
Total net losses and loss adjustment expense incurred | 2,044,435 | 1,532,293 |
Losses and LAE payments for claims arising in current year | 532,062 | 381,414 |
Losses and LAE payments for claims arising in prior years | 752,579 | 841,826 |
Losses and LAE payments for claims arising in total payments | 1,284,641 | 1,223,240 |
Net reserves for unpaid losses and loss adjustment expenses, end of year | 2,450,373 | 1,690,579 |
Reinsurance recoverable on unpaid losses, net of allowance | 3,283,071 | 415,000 |
Gross reserves for unpaid losses and loss adjustment expenses, end of year | $ 5,733,444 | $ 2,105,579 |
Note 17- Management Incentive_2
Note 17- Management Incentive Bonus Plan (Details Textual) - USD ($) | 12 Months Ended | |||
Jan. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bonus Awarded, Chief Executive Officer | $ 7,500,000 | |||
Labor and Related Expense | $ 15,000,000 | $ 32,561,929 | $ 26,343,272 | |
Accounts Payable and Accrued Liabilities [Member] | ||||
Deferred Compensation, Bonus Payment | $ 15,000,000 |
Note 18 - Custodial Risk (Detai
Note 18 - Custodial Risk (Details Textual) | Dec. 31, 2023 USD ($) |
Cash, Uninsured Amount | $ 21,800,000 |